Pix's new refund mechanism receives user complaints over procedural bureaucracy

Tuesday 21 December 2021 09:53 CET | News

The Central Bank of Brazil's Pix refund mechanism for suspected fraud has received complaints, with some users struggling to get restitution on their transactions.

According to, in five days, Brazil’s national instant payments system Pix recorded more than 38,000 fake link blocks and identified a network of fake profiles applying card and Pix scams with more than 500,000 users.

Regarding the number of refunds already made on Pix, the Central Bank said that since the tool is recent ‘data is not yet available’. The source link goes into further details regarding how to use the new Pix mechanism to request a refund at each of the following banks: Itaú, Bradesco, Santander, Caixa Econômica Federal, and Banco do Brazil.

Legal sources for said that, although banks have implemented changes to make the tool more secure, hundreds of people are daily victims of gangs specialising in fraud. Officials also emphasise that if the scam or fraud is confirmed, the institution that made the payment is responsible for analysing the process and carrying out the refund.

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Keywords: report, PIX, cybersecurity, instant payments, online fraud
Categories: Fraud & Financial Crime
Countries: Brazil
This article is part of category

Fraud & Financial Crime

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